Oberoi Realty sells 645 housing units in the third quarter

January 21, 2016

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Mumbai-based real estate developer, Oberoi Realty ​has ​sold 645 housing units for about Rs 1,775 crore in the third quarter of this fiscal, largely in its newly-launched residential project at Borivali in Mumbai. The developer sold 645 units, covering nearly 10.24 lakh sq ft, for Rs 1,774.39 crore. Of the total sales booking achieved in the quarter ended December, Oberoi Realty sold 619 units in its newly-launched project ‘Sky City’ for Rs 1,567.15 crore. The company said it launched three towers on October 30, 2015. Oberoi Realty in October had said that it expects to earn a revenue of Rs 10,000 crore from this 25-acre project comprising 10 towers of 60 storeys each. The company’s collection stood at Rs 524.49 crore during the third quarter of 2015-16 fiscal, of which about 290 crore was from Sky City project. Although the real estate market is facing a huge slowdown for last 2-3 years, housing sales have picked up in a few cities like Mumbai, Hyderabad and Bangalore. Total income increased to Rs 790.33 crore for the October-December quarter of 2015-16 fiscal from Rs 219.6 crore in the corresponding period of the previous year, the developer said in a filing to the BSE. The company has developed about 40 projects at strategic locations across the Mumbai skyline aggregating about 9.18 million sq ft. Another 20.61 million sq ft is under construction.